Copying Peter Lynch, Investors
Bought a Stock, Watched It Tank

Fund Star Reported a Stake
In Tiny Firm, Which SEC
Now Calls Fraud-Ridden

By

Ianthe Jeanne Dugan Staff Reporter of THE WALL STREET JOURNAL

Updated Oct. 15, 2004 12:01 a.m. ET

Charles Glasgow has idolized Peter Lynch since the early 1990s, when he read his investment book "One Up on Wall Street." So when the 66-year-old former college professor heard of a stock Mr. Lynch had bought with his own money, he jumped at the chance to invest alongside him.

A regulatory filing in August 2003 showed that Mr. Lynch, the celebrated former skipper of Fidelity Magellan Fund, owned 1.8 million shares of tiny...